www.elixirpetroleum.com
Elixir Petroleum is an international exploration and production company listed on the Australian Stock Exchange (ASX:EXR). Elixir holds interests in producing gas and condensate fields located in the Gulf of Mexico and has extensive interests in exploration and appraisal licences in the UK North Sea. Elixir has recently acquired interests in two producing fields in the Gulf of Mexico which provide the group with cashflow from sales of gas and condensate. The company is focused on increasing its presence on the shallow water shelf of the Gulf of Mexico and continues to examine new projects in which to participate. Such projects typically display discovered reserves, nearby infrastructure and short cycle times to first production and cashflow.
Elixir Petroleum managing director Andrew Ross acquires 355,000 shares
Andrew Ross, the managing director of Elixir Petroleum (ASX: EXR), has increased his stake in the company with an on-market purchase of 355,000 shares for a consideration of $29,580, equating to an average buy price of $0.083.
Ross now holds a total of 390,000 shares in Elixir, along with 1,250,000 unlisted employee options exercisable at $0.30 with an expiry of 31 March 2012, and another 1,250,000 unlisted employee options exercisable at $0.35 with an expiry of 31 March 2013.
Earlier in the month Elixir was provisionally awarded the southern part of block 30/25, located in the eastern margin of the Central UK North Sea, adjacent to the now abandoned Ardmore field (formerly named Argyll), which was the first offshore oil production in the UK producing almost 80 million barrels of oil.
Block 30/25 has been offered by way of a promote licence to Elixir as operator and 100% interest holder.
The licence complements and builds Elixir's position in the UK North Sea, as it contains several prospects which have already been mapped on existing 2D seismic data, and if successful, provide the potential to create significant shareholder value.
